The government has secured investment commitments totalling US$3.5 billion for Ghana’s upstream petroleum sector, following a series of investor-friendly reforms aimed at reversing the country’s declining oil production.
Minister for Finance, Dr. Cassiel Ato Forson, who announced this in Parliament during the presentation of the 2026 Budget Statement and Economic Policy, said the new commitments would inject fresh capital, technology, and expertise into oil operations that have faced years of output decline. Ghana’s crude production has dropped steadily from 71.4 million barrels in 2019 to an estimated 36 million barrels in 2025, a fall of nearly 50 percent.
Dr. Forson said the investment package includes a US$2 billion framework agreement for the Jubilee and TEN fields, which will see the drilling of 20 new wells to boost production.
Another US$1.5 billion Memorandum of Intent has been signed with Offshore Cape Three Points (OCTP) partners to expand ongoing operations.
He noted that the improved business environment had also attracted renewed interest from major global upstream players, including Shell, marking a significant vote of confidence in Ghana’s petroleum sector.
“These commitments are expected to bring in new capital, technology and expertise to increase our oil and gas production,” he said.
As part of the new agreements, the government is targeting an additional 150 million standard cubic feet of gas per day to support stable and affordable fuel supply for power generation.
To accommodate this, Dr. Forson said the government is fast-tracking the Ghana Gas Processing Plant (GPP) 2 project to process the extra gas.
In addition, construction of a 1,200-megawatt state-owned thermal power plant is expected to begin in 2026 to offtake the additional gas from the OCTP partners and GPP 2.
“This plant will support the provision of reliable and affordable power and secure Ghana’s energy future,” the Minister said.
Dr. Forson also disclosed that government is undertaking a comprehensive review of upstream regulatory and fiscal frameworks to make Ghana’s petroleum regime more competitive, transparent, and stable in order to attract even more long-term investment.
